David Horn led a presentation of proposed plans and designs for the former Metro North Mall site to an estimated 40+ Bridge Pointe residents on Monday, April 11th at Clardy Elementary. The new property owner was also responsible for the recent re-development at the former Blue Ridge Mall and former Antioch Mall sites. The team presented their proposed designs which could accommodate specialty retailers, junior anchors, restaurants, a hotel, an apartment, and possible office space. The team also answered attendee questions about the proposed plans.
After years of delays, IAS Partners has announced plans to demolish about three-fourths of the largely closed center. Plans call for some 600,000 s.f. of redevelopment and more than 900,000 s.f. of new construction. IAS took over the project during 2015. The new center will include approximately 826,000 s.f. of retail, 60,000 s.f. of office, 150 apartment units, a 100-room limited-service hotel and about 4,750 parking spaces on 91.6 acres. Costco and Trader Joe’s are among the tenants being targeted. A major step occurred in early December when IAS received approval for incentives following months of discussion with area taxing entities. IAS Partners will be allowed to divert $144 million in property and economic activity taxes over 23 years in exchange for making payments in lieu of taxes. Those payments will reportedly equal 20 percent of diverted property tax revenue, at a maximum of $500,000 a year.
